Trending

Range Resources to buy Memorial Resource for over $3 billion

natural_gas_processing
Natural gas producer Range Resources Corp. will purchase Memorial Resource Development Corp. for a $3.3 billion all-stock deal. Shareholders will receive nearly 20% premium for each share held. Including debt, the total transaction is valued at $4.4 billion.

The merger brings more opportunity, adding to existing operations. Both companies have dealt with a stock roller coaster during the oil crises, with dropping gas prices amidst a time of oversupply.

Ranges CEO, Jeff Ventura, says these transaction add “to our cash flow, bolsters our credit profile and enhances the overall portfolio.” In addition to a unanimous decision of approval, a completion of the merger is expected no later than the end of 2016 pending shareholder and regulatory approval.

Article written by HEI contributor Marcela Abarca.

Subscribe to our free eNewsletter

Be the first to comment on "Range Resources to buy Memorial Resource for over $3 billion"

Leave a comment

Your email address will not be published.


*